Registered number
02940154
C.C.N.G LIMITED
Unaudited Filleted Accounts
30 June 2023
C.C.N.G LIMITED
Registered number: 02940154
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Investments 4 13,349,611 12,616,980
Current assets
Debtors 5 84,480 24,179
Cash at bank and in hand 352,018 281,740
436,498 305,919
Creditors: amounts falling due within one year 6 (144,690) (268,890)
Net current assets 291,808 37,029
Total assets less current liabilities 13,641,419 12,654,009
Creditors: amounts falling due after more than one year 7 (5,827,144) (4,878,910)
Provisions for liabilities (1,069,785) (1,069,785)
Net assets 6,744,490 6,705,314
Capital and reserves
Called up share capital 2,662 2,662
Revaluation reserve 9 4,560,665 4,560,665
Profit and loss account 2,181,163 2,141,987
Shareholders' funds 6,744,490 6,705,314
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Neophytou
Director
Approved by the board on 15 March 2024
C.C.N.G LIMITED
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Freehold & long lease investment properties
Investments are properties held to earn rentals and/or for capital appreciation. Investments properties are initially measured at cost, including transaction costs.
Subsequently investment properties are measured at fair value. Investment property valuations are based on open market value. Deferred tax is provided on these movements. Gains or losses arising from changes in the fair value of investment properties are included in the Statement of Income and Retained Earnings in the period in which they arise, under revaluation reserve.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 48,993
At 30 June 2023 48,993
Depreciation
At 1 July 2022 48,993
At 30 June 2023 48,993
Net book value
At 30 June 2023 -
4 Investments
Investments in
property Total
£ £
Cost
At 1 July 2022 12,616,980 12,616,980
Additions 732,631 732,631
At 30 June 2023 13,349,611 13,349,611
Historical cost
At 1 July 2022 8,056,315 8,056,315
At 30 June 2023 8,788,946 8,788,946
5 Debtors 2023 2022
£ £
Trade debtors 12,275 17,995
Other debtors 72,205 6,184
84,480 24,179
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 81,369 148,698
Taxation and social security costs 9,189 26,689
Other creditors 54,132 93,503
144,690 268,890
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 2,514,954 2,494,562
Other creditors 3,312,190 2,384,348
5,827,144 4,878,910
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 2,590,279 2,571,245
Secured bank loans 2,590,279 2,571,245
Bank loans are secure on freehold and leasehold investment properties held by the company.
9 Revaluation reserve 2023 2022
£ £
At 1 July 2022 4,560,665 4,560,665
At 30 June 2023 4,560,665 4,560,665
10 Related party transactions
At the balance sheet date £631,967 (2022: £705,573) was due from the company to the directors.
11 Controlling party
The company is controlled by the trustees of the Neophytou Trust, a trust registered in Belize (registration number IFSC/99/T322/08) by virtue of its 100% shareholding of the Euro shares.
12 Other information
C.C.N.G LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
3 Gateway Mews
Ringway
Bounds Green
London
N11 2UT
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